More Interest in Bank of New York

Sandler O'Neill upgraded the bank to Hold from Sell.

WE ARE UPGRADING Bank of New York Mellon (ticker: BK) to Hold from Sell. While we believe the Sell rating was warranted, a number of our concerns have abated enough over the last five months to justify a Hold rating. There are six drivers of our upgrade.

1) Earnings expectations have declined meaningfully. One of the arguments for...